iRacing officially announced that they have acquired the NASCAR license from Motorsport Games. This license transfer will result in the development of an official console game that is scheduled to be released in 2025.
I will let the press releases do the talking…
iRacing Press Release:
iRacing to develop NASCAR console game available in 2025
DAYTONA BEACH, Fla. (October 5, 2023) – NASCAR®, iRacing, and Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games”) announced today that iRacing has acquired NASCAR Team Properties’ (NTP) exclusive simulation-style console racing games license from Motorsport Games. The sale, approved by NTP, will see the license transfer from 704Games, a wholly owned subsidiary of Motorsport Games, to iRacing, which will begin developing a NASCAR console game expected in 2025.
“When we were approached with the option to acquire the license for the simulation-style NASCAR console game, which was the console game and franchise that we were dreaming about doing, it was an opportunity we couldn’t pass up,” said iRacing President Tony Gardner. “Having the ability to build a NASCAR console game is a privilege we promise to execute with the utmost care. We look forward to working diligently with NASCAR industry stakeholders to deliver a product that provides an amazing experience for the gaming community and NASCAR fans worldwide.”
Gardner added, “With all the NASCAR game experience, console experience, resources, and technology assets we already have in place, we are in a fantastic position to hit the ground running building a great NASCAR game franchise on the various platforms.”
The acquisition expands iRacing’s decade-plus presence in NASCAR. iRacing began its relationship with NASCAR in 2010 with a licensed sim racing product and has grown into a key technical partner of the sanctioning body as its “official simulation partner.” iRacing runs dozens of NASCAR official series on iRacing with thousands of people participating daily from late models to Cup cars, including the $100,000-to-win eNASCAR Coca-Cola iRacing Series and the eNASCAR iRacing Pro Invitational Series during the COVID-19 pandemic. Additionally, the Massachusetts-based company’s simulation and engineering abilities have helped NASCAR develop new cars and tracks, including the NextGen car, Busch Light Clash at the Coliseum, and Chicago Street Race, among others. Now, iRacing can extend its expertise broadly to include NASCAR Team Properties.
Motorsport Games obtained the NASCAR simulation-style console gaming license in 2018 when it acquired majority equity in 704Games. Motorsports Games’ current NASCAR titles, including NASCAR Heat 5 and NASCAR Rivals (available here), will still be available and supported by Motorsport Games through 2024.
“The sale of the NASCAR license is the result of a thorough, strategic review of where we believe our company should be headed over the longer-term,” said Motorsport Games CEO Stephen Hood. “In our exploration of the sale, we gave due consideration to those companies we believed could develop a great NASCAR game. Both NASCAR and iRacing have been receptive to our proposed change, working with us to architect a positive transition post-sale and we thank them for their support. We will now concentrate our efforts towards delivering around other IP already in advanced development.”
In addition to simulation-style console gaming, NASCAR has worked diligently to produce quality experiences for fans who engage in virtual and gaming spaces. This year, the sanctioning body launched NASCAR Speed Hub on Roblox, released arcade-style console game NASCAR Arcade Rush, made available special team decals in Rocket League, announced the development of a mobile game with Hutch, and completed another successful season of the eNASCAR Coca-Cola iRacing Series. Furthermore, NASCAR partnered with esports organization Gen.G to create crossover content and build a live fan experience at the Rocket League Championship Series Major in Boston, and have had Fortnite and Rocket League paint schemes featured on cars in the NASCAR Cup Series this season. The sanctioning body is also leveraging gaming as an engine for content and community building through dedicated channels on Discord and Twitch, along with a growing presence on traditional social media channels.
“NASCAR has the most passionate fans in the world and a vast community that is just as passionate about gaming,” said NASCAR Managing Director Esports and Gaming Nick Rend. “What’s more, there continues to be a tremendous opportunity to connect with millions of potential new fans in the gaming space.
“iRacing has been an incredible partner and ambassador for the NASCAR industry for more than a decade. We thank Motorsport Games for its efforts over the years and are ready to work with iRacing to deliver a best-in-class simulation-style NASCAR console game that’s exciting for the gaming community and allows our fans to connect with the sport in an impactful, meaningful way.”
For more information on NASCAR’s gaming initiatives, visit eNASCAR.com.
Motorsport Games Press Release:
Exclusive Simulation-Style NASCAR® Video Game License Sold to iRacing
MIAMI, Oct. 05, 2023 (GLOBE NEWSWIRE) — Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games”), is announcing today the sale and transfer of NASCAR Team Properties’ (NTP) exclusive license for NASCAR® themed simulation-style console racing games.
The sale and transfer, approved by NTP, will see the license transfer from 704Games LLC (“704Games”), a wholly-owned subsidiary of Motorsport Games, to iRacing.com Motorsport Simulations, LLC (“iRacing”) who will begin developing the next NASCAR console game.
“After careful consideration, it became apparent that it is in the best interest of Motorsport Games to concentrate our resources around alternative assets and revenue growth opportunities. We believe that this is a continued shift toward quality,” said Stephen Hood, Chief Executive Officer at Motorsport Games.
“This sale to iRacing, a preferred NASCAR partner, is expected to be beneficial to all parties. We believe it will allow us to rebalance our immediate cash needs, reduce our contractual and financial obligations and double-down on near-term revenue-generating releases already in advanced development,” continued Hood. “We would like to thank our partners at NTP and fans of the franchise over the years and wish iRacing the best with their future plans.”
“This mutual agreement is in the best interest of all parties involved and allows for a new crown jewel in our expanding video game lineup,” said Nick Rend, Managing Director of esports and gaming at NASCAR. “We thank Motorsport Games for its efforts over the years and will work diligently with iRacing to deliver a console game that’s exciting for the gaming community and allows our fans to connect with the sport in an impactful, meaningful way.”
Current NASCAR titles, including NASCAR Heat 5, which recently received the “Next-Gen Car Update” DLC, and Nintendo Switch title NASCAR Rivals will remain supported by Motorsport Games and available for the remainder of 2023 and throughout 2024.
Additionally, as part of ongoing efforts to achieve long-term financial sustainability and growth, Motorsport Games has committed to redefining its product and development strategy and will start with a comprehensive commercial review of all projects in its portfolio, which may result in additional restructuring efforts to those already implemented under the previously announced 2022 Restructuring program. This includes a detailed review of the INDYCAR game project, which is under development by the Motorsport Games Australia studio and Traxion.GG, a UK-based media website and community focused on racing games and related esports.
Stephen Hood added, “We believe that the sale of the NASCAR license is a significant accelerator to a planned change of direction. With proprietary technology, industry-leading talent, handpicked advisors, stronger processes, and a change of culture we expect to deliver on the promise we see throughout our company.”
Official Webpage – www.iRacing.com